L
lenkrauss
Guest
What is the name of your state? Florida
I'm retired, and receive a qualified pension reported on form 1099-R from former employer X.
I also receive from former employer X what I call a supplemental pension, a once-a-year payment that I started to receive upon retirement, which was agreed to at the time I was hired. The purpose of the payments was to make up the difference in a normal retirement pension that I would have received, had I stayed with and retired from my previous employer. The payment is reported on form W-2, with deductions for federal income taxes, Social Security and Medicare.
Is there some argument that can be made to re-characterize these payments so that they are not subject to Social Security and Medicare deductions?
Would appreciate all ideas and I thank you.
Len
I'm retired, and receive a qualified pension reported on form 1099-R from former employer X.
I also receive from former employer X what I call a supplemental pension, a once-a-year payment that I started to receive upon retirement, which was agreed to at the time I was hired. The purpose of the payments was to make up the difference in a normal retirement pension that I would have received, had I stayed with and retired from my previous employer. The payment is reported on form W-2, with deductions for federal income taxes, Social Security and Medicare.
Is there some argument that can be made to re-characterize these payments so that they are not subject to Social Security and Medicare deductions?
Would appreciate all ideas and I thank you.
Len